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India defers FTA talks with EU

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New Delhi: India on Wednesday announced putting off negotiations with the European Union on the proposed free trade agreement (FTA) that was scheduled to take place this month, on grounds of the ban imposed by the EU on importing 700 drugs from Hyderabad-based GVK Biosciences.

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“Government defers the proposed talks between the chief negotiators on India-EU Broad-based Investment and Trade Agreement (EU-BTIA),” the commerce ministry said in a release here.

“This decision has been taken as the government of India is disappointed and concerned by the action of EU in imposing legally binding ban on the sale of around 700 pharma products clinically tested by GVK Biosciences,” the ministry said.

“The government has engaged on the issue with various EU regulators over past 8 months,” it added.

The trade negotiators from both sides were expected to meet here on August 28 to resume the talks stalled in 2013.

“It is pertinent to mention that most of these drugs are already in EU market for many years without any adverse pharmacovigilance report from any member state,” the statement said.

On Tuesday, the EU Trade Commissioner Cecilia Malmstrom said the meeting of the chief negotiators will focus on taking stock of negotiations.

The EU-India free trade talks have failed to reach an agreement over issues pertaining to lowering of tariffs on Indian automobiles and wines and spirits.

The EU ban on over 700 drugs, imposed last week and accepted by the European Medicines Agency (EMA), is expected to be effective from August 21.

Earlier this year, Commerce Minister Nirmala Sitharaman said India was “ready to talk” with the European Union (EU) on the proposed bilateral free trade agreement.

“I have assured the EU ambassador and ambassadors of individual EU countries that we are ready to talk with the European community. They have been our traditional trading partners,” Sitharaman had told reporters here.

Negotiations on the FTA between India and the EU, were launched in June 2007 but have been facing hurdles with both sides having differences on crucial issues.

No negotiation was held after both sides failed to bridge disagreements in May 2013 on crucial issues including data security status for the IT sector.

The EU-India bilateral trade stood at $101.5 billion in 2013-14.

(IANS)

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Oracle Witnessing Double-Digit Growth in India For Past 3 Years

The Oracle Autonomous Database now has the capability to automatically scan for security threats and apply security updates while running to help prevent cyberattacks and data theft

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Cloud major Oracle, which is seeing high demand in the Banking, Financial Services and Insurance (BFSI), telecom and manufacturing sectors in India, has witnessed double-digit growth in the country for the past three years, a top company executive has said.

Start-ups and small and medium businesses (SMBs) are fast adopting Oracle’s Software-as-a-Service (SaaS) in the country.

“We are seeing double-digit growth (on an average) in the country. In fact, that’s both in our NetSuite business as well as our enterprise business.

“The India Cloud business is really booming. Overall, the double-digit growth has been there for the last three years in the country, which has been the best-performing region in the Asia-Pacific for us,” Shaakun Khanna, India SaaS GTM Lead, Oracle, told IANS in an interview.

The company competes with major Cloud players like Amazon Web Services (AWS), Google Cloud Platform and Microsoft Azure and provides services such as SaaS, Platform-as-a-Service (PaaS) and Data-as-a-Service (DaaS).

According to Oracle, as a corporation, the firm is on track to become the top SaaS company in the world.

The company offers innovative and proven Cloud suite of SaaS applications that enable customers to transform their business with the latest intelligent technologies such as Artificial Intelligence (AI) and Machine Learning (ML).

“From a perspective of completeness of our enterprise applications, there’s no one who can compare with us. So, that’s pretty much our objective and vision in India as well,” Khanna added.

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Witnessing double-digit growth in India for past 3 years: Oracle. IANS

According to the company, going “autonomous” gave it an edge over rivals in the country.

Larry Ellison, Co-Founder and Executive Chairman of Oracle, in October unveiled the second generation Oracle Cloud with autonomous capabilities, improved security and upgrades for enterprises at the company’s annual user conference “Oracle Open World 2018” in San Francisco.

According to Khanna, autonomous is probably the biggest thing because, with autonomous, the ability to engage technologies like AI, ML, UI-UX, is there.

“I think the other advantage is our diversity, because if you look at it, we are the only company of our stature in the world that has everything — it’s not just the applications that are ours, the hardware, the infrastructure, the database, everything is Oracle,” Khanna noted.

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The Oracle Autonomous Database now has the capability to automatically scan for security threats and apply security updates while running to help prevent cyberattacks and data theft.

“If you look at the way Oracle built its first set of Cloud infrastructure is very similar to how Google built it, how Amazon built it, how Microsoft built it, almost everyone built it and we are doing exactly the same.

“Larry and the other founders who started Oracle — they were working for a CIA project and then they came out and started Oracle. So we understand security from our DNA,” said Mitesh Agarwal, Vice President, Key Accounts, Oracle India.

“Almost all of our competitors have never managed to move an enterprise workload to the Cloud — not a single one of them. They all have peripheral applications that have moved to the Cloud. That’s still only about 5-6 per cent of the workloads in the world,” Agarwal informed. (IANS)